CREDEMLUX social plan: a laborious process

On Monday, 27 August 2018, the final day of the conciliation process, the unions ALEBA, OGBL-Secteur Financier and LCGB-SESF, assisted by the Credemlux employee representative body, signed a social plan for CREDEM INTERNATIONAL (LUX) S.A. Luxembourg.

This agreement comes after drawn-out discussions and tough and intense negotiations with the bank, following which the unions were able to secure conditions that were accepted by most employees.

As a reminder, Credemlux will definitively cease trading in Luxembourg on 31 December 2018, following sizeable losses in 2018 and its failed attempt to sell its Luxembourg business. This forced the bank’s closure and its 15 employees will consequently find themselves out of work.

At the start of the negotiation process, on its lawyer’s advice, the employer’s redundancy proposals for 15 staff members with an average length of service of 20 years fit on three lines!

After almost a month of fraught negotiations and a referral to the conciliator, an agreement was struck thanks to the perseverance of the unions, which continually had to patiently explain matters to an employer that was dragging its feet and refusing to face up to its social obligations.

ALEBA, OGBL-Secteur Financier and LCGB-SESF agreed to sign this social plan to protect the interests and secure the rights of the employees, and avoid any individual dismissals.


Press release by ALEBA, OGBL-Secteur Financier and LCGB-SESF


Contacts for the CREDEM case:

Matthias Lindauer, Legal Adviser at ALEBA,

Eddy Girardi, Coordinator at ALEBA,